Godiva Chocolatier Swot

Introduction Godiva has for a extensive time now organism among the in the lead corporations in its ara of expertise, hot drinking java. Currently, it records a trade of 500 million USD per year. It offers a genuinely interactive, as goodspring as guest service, where consumers atomic cast 18 able to feel the staffs sincerity. familiarity history Godiva Chocolatier is a multi home(a) follow that deals with manufacturing of bounteousness cocoas and unalike products related to chocolates. Godiva was founded in 1926, in Belgium, exclusively later bribed by the Turkish Yildiz Holdings, the owner of Ulker Group.It established its prototypal boutique lead astray in the cubic yard Place in Brussels. The companion went planetary by delegacy of opening its number 1 patronage outside Belgium in Paris, France in 1958. The ships recognize with expanded further and by 1966, the political party products had reached United States where close of the products we re sold to a greater extent than often than not in luxury strip m totallys. Godiva has more(prenominal) than than 600 retail shops and boutiques that it owns and ope topical anestheticises in versatile countries such as United States, Asia, Europe, as salutary as Canada.The corporation is besides lendable by more than 10,000 redundantty retailers. This social club, in addition, to chocolates offers other products such as truffles, biscuit, and fruits, cocoa, among several(prenominal)(prenominal)(prenominal) other sustenances and bever terms (Godiva History and FAQ (2004). The familiarity by the year 2007 had reported annual gross revenue of 500 million USD. It is in the corresponding year that the follow announced its recreate in exploring various strategic alternatives among them being divestiture.However, in December, 2007, the union announced its liaison in selling Godiva to one of the largest and adult consumer goods manufacturer in the Turkish food labo r, and by 2008, the process was completed, and Yildiz Holdings gained ownership of this participation (Adelman, Andrews, & Lee, 2007). Currently, this conjunction continues to own and carry its trading operations in with more than 400 shops planetaryly. The union has embraced the mod technology of online shop and electric currently it issue 6 seasonal mails rewrite catalogs annually in United States, as good as accepting online and environ magnitudes for their goods (Godiva History and FAQ (2004).Godiva operations in capital of capital of capital of capital of Singapore Singapore rear be an kindle food market to penetrate with remove enthronisation or franchising. Godiva has directly invested in Singapore through gildting up shops and boutiques in several cities in Singapore. This body politic is strategically situated at the Confederate tip of the Malaysian Peninsula. It consists of Singapore islands, several islets within its territorial waters. The land is c haracterized by undulated land with low hills. Therefore, the state of matter is sound accessible due to its accessibility through land, water, and air.Singapore is currently regarded as one of the some dynamic cities globally where people support work, invest, and live in (Ghosh, 2010). It is globally connected with a multicultural and external city states and towns and offers one of the scoop conducive environments globally to do line and for success dictated industries. For about four decades now, Singapore has undergone awing trans framingation from a place of national business to one of the beings prominent financial centers, sea hubs and international airports.Additionally, it has become one of the most open economies for both(prenominal) trade and investment nationally and globally. Companies and organizations operating in this country ar guaranteed access to get bynt and unbiased juridic system, transp atomic number 18ncy and consistence in brass guideline s, implementation of strong and good corporal governance policy, as well as anticorruption policies. Godiva, after cargonfully market enquiry in Singapore, developed strategies of entering into this market. Godiva fellowship has invested directly through setting up store and shops for selling its products.It has three stores in this country that be situated in main(prenominal) locations, for example, in large cities and islands where thither is easy accessibility and convenient for customers shopping their products. There are vast Infrastructures in this country, and thus the fellowship has taken this chance and introduced online shopping for its products. The products in this market are not only purchased through the retail shop, but through online service where the customers purchase chocolate products in the comfort of their homes.The federation has a plan of diverting more attention to Singapore, since Singapore is one of the wealthiest and thriving nations and thus the demand for allowance goods and services is high. Additionally, it has a population of approximately 5 million with a harvest-feast rate of about 24%. Therefore, this kick downs the beau monde a wide-eyedr put market. Competitive analysis Godiva has more competitors situated in Singapore. It faces competition from both local and international industries. For example, Royce and the Chocolate explore Facility is a local bon ton in Singapore and a abide of this company.Other competitors in this industry let in Leonidas, and Teuscher, among others. However, contempt the harsh competition in this industry, this company has always been talked about by the lovers of chocolate. They impudence and remain devoted to the company since the company is well known in the supply of high household and indemnity products which carry through the customers. Therefore, despite the advant bestride the other competitors could scram in this industry, for example, the local company, it stil l nurture a competitive meet in terms of winning the customer devotion through providing products of substance.Future of the company in Singapore According to the forecast made in Singapore, there get out be a 17% growth rate for the chocolate industry. Majority of the customers of Godiva high society are age chemical group of between 30 and 40 years who are in the on the job(p) class and, therefore, can knuckle under these bounty products. However, according to research, the sparing is expected to scatter up, and thus younger people from the age of between 20-30 years volition more and more earn more income, and they exit be more willing to spend more as their spendable income increases.This group of consumers broadly speaking looks for tribute and highly customized products. Therefore, the company will be better situated to compete in this industry. Godiva Gems products and brand Godiva offers its chocolate products in various brands and renewing of flavors in i dentify to capture a wider market, as well as meet all the customers demands and specifications. near of the flavors include truffles, fresh creams, fruits, chocolate bars, caraques, among several others. The customer has created a kind of more than seventy products of those customers who demand customized goods.The company, in addition, offers other more than atomic number 6 varieties for various occasion such as for gifts personal indulgence, special occasions like cocktail meetings and home entertain chocolate products. Traditionally, the company use to constrict the products in Godivas classic halcyon ballotin, but currently the company has styled up and now uses stylish seasonal package for all its customers. In addition, the company sells other complementary products to these chocolates products which include Godiva ice cream, Godiva face cloth chocolate liquor, among others.Godiva customize its chocolate products to meet and fit in the demand of local cultures. For exa mple, the taste and flavors of Godiva products in US is different from that of Europe. A lot of milk and carbohydrate products are added when preparing chocolate for American market. Godivas merchandising Strategy for Godiva Gem in Singapore Market divider Marketing segmentation is significant for any business that wants to go by in any industry. It helps a company identify segments with similar characteristics such as buying behavior (Zonis, 2009). Godiva chocolates rich person created dickens segment bodily segment and soaked retail market.The incorporated segment has both main groups for a particular purpose. The commencement ceremony key group is for business gifts giving. This is a round the clock market but does not have peak times during holiday gifts and presents giving season. The other group in the corporate segment is for corporate incentives programs. These programs are exploited by corporate rewards, sales incentives, as well as recognition. The affluent ret ail market entails retails clients and customers who have a preference for premium and big-ticket(prenominal) products. The largest group for these products is found in London.In Singapore, the market can be divided to include the haves and the have not. The market can be divided to reach those with low allowance, as well as those with high earnings ((Cohen, 2004). crossing differentiation Godiva is an established company in many parts of the world and have won the trust and subjection of many customers globally. In Singapore, though the products are expensive, many customers prefer buying from Godiva shops as opposed to other shops in the akin industry. This is because the company positioned its products to offer high premium products and of a different variety.Therefore, many customers are aware of the quality of the Godiva products, and, therefore, remain loyal to the company despite the increase in price. This gives this company a competitive keenness in this industry. int ersection positioning Product positioning is the rummy way of oblation the products in the market. Godiva company apart from offering exceptional products in terms of quality, it has a variety of packaging which attracts customers. For example, many customers acquire custom made products and package which the company is able to offer widely.In addition, there are varieties of products for different occasions such as for special gifts. The company has over 100 varieties of products for various occasions. This gives it a competitive edge over the other companies in this industry since it is able to tap a large market. Marketing target Godiva chocolate deals with Chocolates products and, therefore, the main target of its market is chocolate lovers. These are people more often than not love lenience in rich and delicious products, for example, products in the world of chocolate.The company has a variety of products that its offers in the market depending on the customers demands. nearly of the varieties of products include white chocolate, fruit , opprobrious chocolate, milk chocolate, chocolate shakes, among other varieties. The target market of Godiva consists mostly of the world class or the rich since the chocolate products are expensive and are only low-priced to the rich. To capture this world class group, the company offers a variety of packaging designs, which are artfully designed to fit the targeted people. Product schemeGodiva chocolate shops and boutiques offer a wide variety of their super-premium selections chocolates products. The selection includes the company saucily introduced chocolate products which include Nippon, Romaine, seventy two percent cocoa Demitasse, and Creole. Godiva Company has placed its products where customers can easily access them. For example, it offers a variety of products in its website to enable customers ensure the existing products and the latest products. The products are also available for online shopping to enable the customers shop from their homes.Packing of products, on the other hand, differs from country to country to meet different needs of the customer. For example, in United States chocolates are pre-packed but in Singapore, chocolates collections are custom made. The company has a new packing scheme, which is to sell chocolates in assortments, which are hand made so as to enhance innovation, as well as differentiation from competitors. Price In Europe, Godiva does not have much hypothecate in terms of setting up prices for their products.This is because the prices were standardised by the European Union, and therefore, the company must comply with the union and standardize its prices. The price has also increased for most of the Godiva products, and the market has not yet accepted. The company wishes to borrow a leaf from the wine-colored-colored tasting that were held at local wine shop, and educate its consumers on why it is expense to buy chocolate products at the s et price. In addition, the forecast shows that there will be an increase in the growth rate and therefore, the economy is expected to preference up.The company, therefore, is deciding on working on the quality of the product to be reflected in the high prices set. Many people will also be able to afford these products at that price because the income will go up and so will their disposable income. The price strategy includes establishing further premium pricing on those products that are best selling for retail rich segments and come up with the best pricing and book of account combination. For the affluent retail segment, which have achieved an norm growth rate, the company plans on maintaining the current pricing for the rest of the products.Introduction of discount pricing for all the corporate segment for the first time client, and also a for extended time clients, that is, those clients that have been in business for more than three years. This strategy is for support in a ttracting more clients, as well as maintaining the existing ones. Channels of dispersion The company first decides to increase its scattering channels in London without requisite increasing its investment in true stores. This will be done through association with third party premium retail channels.The company desires to increase dispersal channels outside London utilizing similar associate if the strategy works in London. The aim of this strategy is to decrease the investment in stores which in the past has been seen to negatively impact on returns of this company. The company has various options to consider, for example, to distribute the chocolate premium products sharp across many channels. However, this would have a large draw rearwards on the company since it would contract the premium luxury brand name. The number option would be to identify premium retail channels of distributions and utilize them.One manageable premium retail channel deadlock that can be considered is Starbucks Coffee. Promotion strategy The aim of Godiva promotional material message into the global and common campaign is to unify its advertise message. However, this strategy is difficult because of the difference in the individual market around the world. The company has a new goal in promotion, which is to raise the rate of the purchase of chocolate products for gifts, special occasions, and for self consumption. In addition, the company in its advertizing campaign wants to give the brand name a late appearance.Since women do most of the purchasing, advertising should, therefore, management on women magazines and billboards. In entering new markets, the company will focus on the product and its promotions. Therefore, the company should develop and sign promotion strategy in indian lodge to gain some market administer in Singapore. The company can come to the fore with giving free samples in order to create free publicity. Another form of advertising that Godiva can introduce is the Godiva theatre. Godiva Theater is a domestic strategy that can be apply in promotion of products, in Singapore.Customers through this promotion strategy can watch their chocolate products produced through the glass viewing area, and they can, therefore, enjoy chocolate fresh made. The strategy of unifying Godiva public figure globally is a viable strategy. However, having remote brand images can cause perplexity and misunderstanding between markets, as well as in the company. Since Singapore is a technologically advanced state, Godiva should design its advertising to be mostly on televisions and internet. The company should also try to get a celebrity to use in advertising.This is because having a celebrity or a fiber model promote the chocolate products, as well as the companys image will increase the fire of Godiva and its products. The company, once the brand is accepted in the market can go back to the word of mouth form of advertising. Godiva Company use s two types of production methods in manufacturing various sizes and shapes of the chocolates products. They include enrobing and shell-molding. Shell molding is mostly practiced in Europe and is used in manufacturing most of the Godiva chocolates. This method has enabled the company to design unique olds, giving them unique style, and sophisticated confections, which are easily recognise as Godiva. When these collections of the shell-molded chocolates are packed in one of the stylish package, they become openhearted even to the most discerning customers in the market. Conclusion and tributes Godiva is one of the most prominent companies in the chocolate industry. According to the supra analysis, this company is highly preferred by many lovers of chocolate in all the place its has set stores. In Singapore particularly, the company is exceedingly doing well.This is because of its exceptional chocolate products in terms of quality, packaging and variety of chocolate products. The c ompany, therefore, despite the increase in the prices of its products still attracts a substantial number of customers that can sustain it in the market. My recommendation would be since according to forecast, the Singapore economy is expected to rise in the future, which means the people earnings will go up including the youth of below 30 years, the products should be given a immature appearance to attract the youth. This will wherefore increase the target market for Godiva products.